The healthcare research firm 3 Axis Advisors reports that pharmaceutical companies will increase the prices of over 500 medications this month news agency Reuters was the first to report. The three largest pharmaceutical companies in the US, Pfizer, Sanofi, and Takeda Pharmaceutical, will be raising prices. However, three companies, including GlaxoSmithKline, are set to lower prices across at least 15 drugs in January.
Prescription drug price changes are most common in January, according to Antonio Ciaccia, president of 3 Axis Advisors.
The main reason is that insurance plans also expire at that time. According to Ciaccia, price increases this month should be about 5%, as this is normal.
Vice President of Health Policy at the Center for American Progress Andrea Ducas stated, “So, for an individual, it is going to depend on what their insurance situation is, what their out-of-pocket expenses are, and what their copay is.”
Because medication manufacturers’ pricing isn’t keeping up with inflation, one might argue that, in effect, they are cutting prices if they don’t accept a price hike, he added.
The government’s Medicaid health program will be able to directly negotiate prescription pricing with manufacturers under new measures included in the Biden administration’s Inflation Reduction Act. However, this will only be possible starting in 2026.
Before visiting the pharmacy counter, you won’t be able to determine the full impact of these price hikes.
Price increases for the beginning of 2024 are not common, according to the Reuters article.
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